Crypto PAC’s $180M Push: Can It Change the 2024 US Election Landscape?

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Fairshake, a political action committee (PAC) funded by major crypto players like Coinbase and Ripple, is stepping up its game for the 2024 U.S. elections. According to Bloomberg Report, after spending $140 million on various congressional races, the PAC is now gearing up to throw in another $40 million during the final stretch. Their ultimate goal is to support candidates who are open to crypto, no matter their political party. With millions still in the war chest, the political gamble has just begun!

Let’s dive in to know more!

Focus on Ohio

One of Fairshake’s main focuses is Ohio, where they’ve backed Republican Bernie Moreno, a challenger to Democratic Senator Sherrod Brown. Moreno, who has a blockchain business, has gotten a big boost from Fairshake’s financial support, making the race a lot closer. Brown, a known critic of the crypto industry, is feeling the heat. Not everyone is thrilled with Fairshake’s choices, though. Venture capitalist Ron Conway criticized the PAC for supporting Moreno, saying it was a mistake to go against Brown, an influential Democrat.

Bipartisan Strategy

Interestingly, Fairshake does not support just one party. They’ve created two PACs—Defend American Jobs for Republicans and Protect Progress for Democrats—so they can influence races across the board. In some cases, the mere possibility of Fairshake’s involvement has led candidates to add pro-crypto language to their platforms, even when Fairshake hasn’t spent any money in those races, like in Nevada.

Big Spending and Key Races

Beyond Ohio, Fairshake has been spending heavily on other races. They’ve poured $10 million into Michigan and Arizona races, backing pro-crypto Democrats. In Utah, they spent over $3.4 million supporting Republican John Curtis. The PAC has also targeted anti-crypto candidates like California’s Katie Porter, spending millions to oppose her.

Fairshake has even taken partial credit for the primary defeats of lawmakers like Jamaal Bowman in New York and Cori Bush in Missouri, both of whom were against crypto-friendly legislation.

Do you think PACs’ power-packed pockets can influence US politics?